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| Economy |
| And now - a coin shortage |
| 2020-07-17 |
| [ClickOrlando] Coin deposits from institutions, like banks, to the Federal Reserve have declined significantly the past few months. The U.S. mint said its production of coins has also decreased due to measures put in place to protect its employees from the coronavirus. With Federal Reserve coin orders starting to increase as regions reopen, the coin inventory is at below normal levels. Officials at the Federal Reserve say they're working to lessen the effects of the shortage to minimize supply constraints and maximize production. The agency is managing how it distributes the coins it does have and is encouraging institutions to only order enough coins to meet consumer demand. Federal Reserve officials say they’re confident the coin shortage will be resolved once more of the economy opens and coins go back to being circulated as usual. |
| Posted by:Procopius2k |
| #10 One I heard is Michigan big stores are not giving change for cash transactions. |
| Posted by: swksvolFF 2020-07-17 20:00 |
| #9 No wonder the gov't is issuing those debit cards for the Economic Impact Payments...no need to cut checks (despite direct deposit) and an easy way to track how money is being spent. |
| Posted by: Clem 2020-07-17 18:07 |
| #8 This was a story briefly a month ago. The banks are low on coinage. After reviewing the little info available, including my WSJ subscription, my conclusion is that people are hoarding cash, and the feds don’t want to publicize it. |
| Posted by: KBK 2020-07-17 18:03 |
| #7 I recently found a bunch of those paper coin rolls. I'm not even sure the local bank would want them since they have those coin counting machines. Even some stores have them. |
| Posted by: Clem 2020-07-17 17:48 |
| #6 Took my jar of change to the bank today. I was treated like a here! Amazing. . |
| Posted by: OregonGuy 2020-07-17 17:32 |
| #5 /\ Big time! I read recently where they estimate 70% of the Federal Reserve Notes are overseas, mostly $100 bills. The one cool thing about US money is that is never expires whereas in Europe and elsewhere, they change their currency on occasion. And in Europe, there is some concern about the Euro (and their ideas about a digital currency so conveniently discussed during COVID-19 b.s.), so having USD (for now) is a good idea. |
| Posted by: Clem 2020-07-17 16:48 |
| #4 No coins or paper money = easier to track and control you |
| Posted by: Frank G 2020-07-17 16:16 |
| #3 People aren't out and about with pocket change, or paper money, much now around here (except the older folks like me). They're using the cards instead of the potentially 'dirty' coinage and bills and then wiping them down. Less coinage being used = PANIC! |
| Posted by: Mullah Richard 2020-07-17 15:27 |
| #2 ...terrible how the pols can't track literally every dime you have or spend. I'd say penny, but the pols adjusted that with inflation. At least coin has tangible value, paper (and electrons) not so much. |
| Posted by: Procopius2k 2020-07-17 15:07 |
| #1 That pesky matter of needing to mint coinage, when you can just go to electronic debit cards or businesses that just round up every purchase. Just another way to begin making theft and bank hacking for the Chinese, Iranians, Russians and other evildoers that much more lucrative. And governments can redirect the costs of a physical monetary system to more useful programs like the Danegeld to our new elite aristocracy, whose grasp of math isn't that good to start with. |
| Posted by: NoMoreBS 2020-07-17 15:03 |